news 1 week ago

Dominion overhauls leadership; Farrell stepping down as CEO

The Associated Press

RICHMOND, Va. (AP) — Dominion Energy on Friday announced a reorganized executive leadership team, including a new CEO.

The Richmond, Virginia-based energy company said Thomas Farrell II, currently chairman, president and CEO, will become the company’s executive chair, effective Oct. 1. In that role, Farrell will continue to serve as chair of the Board of Directors, the company said in a news release.

Also, effective Oct. 1, Robert Blue, executive vice president and co-chief operating officer, will be promoted to president and CEO, reporting to Farrell, the news release said.

The disclosure came less than a month after Dominion announced that it was selling substantially all of its gas transmission and storage segment assets to an affiliate of Berkshire Hathaway in a transaction valued at $9.7 billion. The same day it announced the sale, Dominion announced the cancellation of the Atlantic Coast Pipeline, a long-delayed multistate natural gas project it was developing with partner Duke Energy.

“There is no established timeframe for my role as executive chair, and I look forward to continuing to serve the company on behalf of our shareholders, customers and communities,” Farrell said in a statement. “I will be particularly focused on continuing to develop our strategic plan and Dominion’s leadership in the new clean energy economy.”

Farrell joined Dominion Energy in 1995, was promoted to president and CEO in 2006 and added the role of chairman in 2007.

Prior to joining Dominion Energy, Blue served as counselor and director of policy for Virginia Gov. Mark Warner, a Democrat. He was also an attorney and partner at then-Hogan & Hartson and a law clerk for the U.S. District Court in the Eastern District of Virginia. He is a graduate of the University of Virginia, Yale Law School and the University of Virginia’s Darden School of Business.

Also being promoted is Diane Leopold, executive vice president and co-chief operating officer, the company said. She will become Dominion Energy’s sole chief operating officer, responsible for all the company’s operating segments, reporting to Blue.

Edward “Ed” Baine will be promoted to president-Dominion Energy Virginia, according to the news release. He will report to Leopold.

Dominion Energy serves more than 7 million customers in 20 states with businesses with electricity or natural gas.